The company seeks to give bonus to its staff on the 10 anniversary of IPO
GN Bureau | April 17, 2015
Tata Consultancy Services Ltd is giving bonus to its staff on 10th anniversary of its initial public offer (IPO) and is facing a law suit by a white American worker. He has accused India's largest software services exporter of overwhelming favoritism toward workers of South Asian descent in the United States.
In a complaint filed in San Francisco federal court, Steven Heldt said 95 per cent of Tata's 14,000-person US workforce came from South Asia, primarily India, and that the company has violated federal civil rights law by intentionally favoring them in hiring and promotions.
Heldt said he experienced "substantial anti-American sentiment" in his 20 months at TCS, including from a human resources manager who allegedly called Americans "selfish and demanding" and said "I don't like dealing with Americans."
Despite claiming to have been in the industry since 1996, Heldt said Tata saddled him with "menial" or no substantive work as it shuffled him between several jobs, ending with the Californian's firing in March 2014.
Heldt is seeking class-action status for Tata workers and job applicants in the United States since April 2011 who are not of South Asian race or from India, Bangladesh and Nepal. He seeks a halt to discrimination, and unspecified damages.
Meanwhile, TCS on Thursday said it will give a one-time bonus to all eligible employees to mark the 10th anniversary of its initial public offer or IPO. India's biggest outsourcer will give one week's salary for every year of service rendered, a move that will cost the company $423 million or Rs 2,628 crore.
Employees who have completed at least one year in service will be eligible to receive the one-time bonus, TCS said. TCS employs 3.19 lakh consultants worldwide.
The country's biggest software exporter also announced an average salary hike of 8 per cent for its employees in India. Overseas employees will get an average hike of around 2-4 per cent.
TCS was listed in 2004. Its shares have done exceedingly well as the company notched industry-leading growth rates. TCS is now India's biggest firm with a market capitalization of Rs 5 lakh crore. It's also the country's most profitable firm.
TCS reported a 29 per cent fall in its net profit in the fourth quarter ended March 31, 2015, on a sequential basis. Its net profit fell to Rs 3,858 crore in the fourth quarter.
Questioning the development model pushed ahead for profit oriented growth, social and political activists, academicians, financial analysts and civil society organisations are holding a three day confluence of Peoples’ Convention on Infrastructure Financing in Mumbai. &nb
About one-fourth of India’s elderly face abuse at the hands of those they trust the most – the son (52%) followed by the daughter in law (34%),spouse/partner (14%), daughter(6%) grandchild (6%), son in law(3%), parent(1%) and care giver(1%), reveals a report by the HelpAge Ind
The official statistics provided by the department of industrial policy and promotion (DIPP) under the ministry of commerce and industry shows that between January 2000 and December 2017, India received $368 billion of foreign direct investment (FDI). It also says that Mauritius was the source of $125 bill
The declaration communicated through the director general of military operations (DGMO) of Pakistan and India on May 29, 2018, to implement the ceasefire agreement of 2003 between the two countries in “letter and spirit” has opened up an opportunity to restore peace in the disturbed Kashm
It’s a sultry March afternoon and students at a municipal school in Santacruz East are engrossed in their lecture. It’s 4 pm already but the training session in the mobile repairing course is in full swing. Twenty-four boys and four girls of class IX are in the last leg of their course before t
Courier services and sales teams have soared into efficiency using smartphone apps to monitor deliveries, visits, timeliness and performance. Taking a leaf from their book, Gujarat is equipping accredited social health activists (ASHAs) and midwives with smartphones and an app to bring down infant and ma